Textbook set up for what I look for in a spec stock. Cash equivalent to MC. Small number of shares on issue. Decent preliminary samples indicating a chance of success following drilling. Unrecognised.
MC – $6.2m
SP – 6.5c
Shares – 95m (17m unquoted)
Options – 47m (@25c sept 13)
Cash – $6m
New zone of significant Cu-Au-Mo results at Anosivola
● Mapping and sampling has discovered a new zone of significant Cu-Au-AgMo within intrusive diorites 600m to the east of Anosivola Hill.
● Best surface channel sample assay (Sample No 42251) of 3.15 g/t Au, 7.9% Cu, 43.6 g/t Ag and 0.27% Mo over 1m.
Summary of projects.
Alakamisy Gold Project
The air core drilling program has returned significant results from composite samples confirming gold mineralisation in the laterite profile on the western end of the first drill fence. The most significant results so far are:
15m* @ 1.61g/t Au from 20m including 10m @ 1.98 g/t Au from 25m in hole AAC001
30m* @1.35g/t Au from 10m including 5m @ 6.12 g/t from 30m in hole AAC002
*Note: these are 5m composite samples and results from 1m splits are awaited.
Manantenina Bauxite Project
A maiden inferred JORC resource estimate for the Esama block (6.25km²) of 10.09 million tonnes at 34.1% AvAl2O3 and 2.3% RxSiO2 was announced on 29 October 2012.
Continuity of the bauxite mineralisation has also been confirmed by grid based auger sampling on the Ampasimena blocks (25km²) and as previously reported across the Soavary blocks (40km²).
Anosivola Cu/Au/Ag Project
Mapping, trenching and diamond drilling has identified Cu/Au/Ag mineralisation over an area of at least 2km x 1km and has extended the scope and scale of the project.
Grab samples of the mineralised veins assayed up to 30.6 g/t Au and 35.0% Cu (separate samples).
Belanitra Graphite Project
Exploration work is underway to confirm the extent and quality of graphite mineralisation along strike (10.5km historical mapping) and depth. Grab samples of the graphitic seams collected during early stage reconnaissance
returned 18.1% carbon in the seams with visible coarse flake and 5.9% carbon in the interbed layers.